LG Chem's 4th CNT factory construction begins

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LG Chem's 4th CNT factory construction begins

Published: 31 May. 2023, 14:40 Updated: 31 May. 2023, 15:06

LG Chem's CNT plants in Yeosu, South Jeolla [LG CHEM]

Ground was broken Wednesday for LG Chem's fourth carbon nanotube (CNT) factory in Seosan, South Chungcheong, doubling its capacity for the additive materials in making electric vehicle (EV) batteries and semiconductors.

The plant will boost the company's production capacity to 6,100 tons from the current 2,900 tons. The plant will begin operation in 2025.

CNT, 100 times stronger than steel, is a next-generation material with electrical and thermal conductivity equivalent to copper and diamonds.

CNT is not a core component but an additive that can enhance battery performance. It helps the flow of electricity in lithium-ion batteries for EVs, allowing for more room to make the battery more powerful and last longer.

It can also be used in semiconductors, auto parts and aircraft fuselages.

LG Chem currently operates three CNT plants in Korea in Yeosu, South Jeolla.

The produced carbon nanotubes will be supplied to its battery-maker clients, including LG Energy Solution.

LG Chem supplies CNT-added coating plastics to Japan's Mitsubishi Motors for use in the front fenders of some of its vehicle models.

"With the country's largest CNT production and high-quality [products], LG Chem will take the lead in the world's battery material business and seek new potential markets," No Guk-rae, head of LG Chem's petrochemical business, said.

The global market for CNT for EV batteries is expected to grow at an annual rate of 30 percent to reach 3 trillion won ($2.3 billion) in 2030.

BY SARAH CHEA [chea.sarah@joongang.co.kr]